City of Scottsdale Loan Agreement for Water Infrastructure Improvements
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ORDINANCE NO. 4707
]https://www.arizonapublicnotices.comDescription
This ordinance approves the form and authorizes the execution and delivery of a loan agreement between the City of Scottsdale and the Water Infrastructure Finance Authority of Arizona (WIFA). The loan, not to exceed $11,000,000, will be sourced from WIFA's Clean Water State Revolving Fund Program. These funds are designated for drainage and flood mitigation capital improvements at WestWorld, as well as for the City's share of the Program's administrative expenses. The loan agreement will outline the terms and conditions for the loan, with repayments secured by certain excise tax revenues of the City. The loan is to be repaid on or before July 1, 2046, with an interest rate not to exceed 6.00% per annum. The City Treasurer/Chief Financial Officer is delegated authority to approve certain matters related to the loan agreement. The City Council has ratified all actions taken by city officials to facilitate this transaction.
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